Corniche Group Subsidiary Announces Reinsurance Agreement with Reliance Insurance Company; Company to Reinsure Some Reliance Service Contract Business.Business Editors EULESS, Texas--(BUSINESS WIRE)--Dec. 27, 1999 Stamford Insurance Company, Ltd., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Corniche cor·niche n. A road that winds along the side of a steep coast or cliff. [Short for French route en corniche : route, road + en, on + corniche, Group Incorporated, (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CNGI CNGI China Next Generation Internet ) has entered into a reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. agreement with Reliance Insurance Company through its Reliance Integramark division to reinsure re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. certain service contract business with Stamford. Reliance Group is a leading national commercial property/casualty and accident and health insurer providing risk management services in the United States and internationally in more than 100 countries. Reliance is rated "A-" (Excellent) by A. M. Best, a worldwide rating organization for insurance companies. Bob Hutchins, President of Corniche, indicated that he was very pleased to have a company with Reliance Group's stature as the lead underwriter for Stamford and "is looking forward to the income this developing relationship will most certainly produce for Stamford and Corniche." This business, which is written on a monthly reporting form basis, was reported to Reliance in November and has been ceded to Stamford during this past week. It will be included in Stamford's fourth quarter 1999 financials and monthly thereafter. Steve Williams, president of Reliance Integramark, echoed Hutchins' excitement over the new business relationship. "We are very happy to enter into this new reinsurance relationship and look forward to its growth and profitability," he said. The Corniche Group is an e-commerce company that primarily furnishes affordable service plans conveniently and directly to the consumer via its Warranty Superstore site, www.warrantysuperstore.com. "Safe Harbor" Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: To the extent that this news release makes statements about the future, such statements are forward-looking and subject to a number of risks and uncertainties, including, but not limited to, the impact of competitive products, product demand and market acceptance risks, reliance on key strategic alliances, fluctuations in operating results and other risks, detailed from time to time in the Company's filings with the Securities and Exchange Commission. These risks could cause the Company's actual results from the current fiscal year and beyond to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. |
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